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Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented postsecondary education services to high school graduates and working adults in the United States. It operates in two segments, Campus Operations and Transitional. The company offers associate's degree, and diploma and certificate programs in automotive technology; skilled trades programs, including electrical, heating and air conditioning repair, welding, computerized numerical control, and electrical and electronic systems technology; and health science and information technology programs. It operates schools under the Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College brands. Lincoln Educational Services Corporation was founded in 1946 and is headquartered in Parsippany, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $518M | $49M | $20M | $-27M | 10.0% | 17.8% | 102.2% |
| 2024 | $440M | $29M | $10M | $-28M | 5.5% | 16.4% | -62.0% |
| 2023 | $378M | $43M | $26M | $-15M | 15.6% | 8.6% | 105.8% |
| 2022 | $348M | $23M | $13M | $-8M | 8.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 348.29 | 378.07 | 440.06 | 518.24 |
| Operating Revenue | - | 348.29 | 378.07 | 440.06 | 518.24 |
| Cost Of Revenue | - | 148.75 | 162.28 | 181.76 | 205.39 |
| Gross Profit | - | 199.54 | 215.80 | 258.30 | 312.85 |
| Operating Expense | - | 182.39 | 209.14 | 243.80 | 283.87 |
| Selling General And Administration | - | 182.39 | 209.14 | 243.80 | 282.95 |
| Total Expenses | - | 331.14 | 371.41 | 425.56 | 489.26 |
| Operating Income | - | 17.15 | 6.66 | 14.50 | 28.98 |
| Total Operating Income As Reported | - | 16.28 | 33.36 | 15.18 | 30.31 |
| EBITDA | - | 22.96 | 42.58 | 28.61 | 48.67 |
| Normalized EBITDA | - | 23.83 | 15.88 | 27.94 | 48.27 |
| EBIT | - | 16.60 | 35.99 | 17.28 | 29.51 |
| Interest Income | - | 0.32 | 2.63 | 2.10 | 0.13 |
| Interest Expense | - | 0.16 | 0.35 | 2.56 | 3.39 |
| Net Interest Income | - | 0.16 | 2.28 | -0.47 | -3.27 |
| Other Income Expense | - | -0.87 | 26.70 | 0.68 | 0.41 |
| Interest Income Non Operating | - | 0.32 | 2.63 | 2.10 | 0.13 |
| Interest Expense Non Operating | - | 0.16 | 0.35 | 2.56 | 3.39 |
| Net Non Operating Interest Income Expense | - | 0.16 | 2.28 | -0.47 | -3.27 |
| Pretax Income | - | 16.44 | 35.64 | 14.71 | 26.12 |
| Tax Provision | - | 3.80 | 9.64 | 4.82 | 6.12 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.20 | 7.22 | 0.22 | 0.10 |
| Net Income Continuous Operations | - | 12.63 | 26 | 9.89 | 20 |
| Net Income From Continuing And Discontinued Operation | - | 12.63 | 26 | 9.89 | 20 |
| Net Income From Continuing Operation Net Minority Interest | - | 12.63 | 26 | 9.89 | 20 |
| Net Income | - | 12.63 | 26 | 9.89 | 20 |
| Net Income Common Stockholders | - | 9.21 | 26 | 9.89 | 20 |
| Net Income Including Noncontrolling Interests | - | 12.63 | 26 | 9.89 | 20 |
| Normalized Income | - | 13.30 | 6.52 | 9.44 | 19.69 |
| Diluted NI Availto Com Stockholders | - | 9.21 | 26 | 9.89 | 20 |
| Basic Average Shares | - | 25.88 | 30.10 | 30.58 | 30.94 |
| Diluted Average Shares | - | 25.88 | 30.54 | 30.89 | 31.26 |
| Reconciled Depreciation | - | 6.36 | 6.60 | 11.33 | 19.16 |
| Reconciled Cost Of Revenue | - | 148.75 | 162.28 | 181.76 | 205.39 |
| Total Unusual Items | - | -0.87 | 26.70 | 0.68 | 0.41 |
| Total Unusual Items Excluding Goodwill | - | -0.87 | 26.70 | 0.68 | 0.41 |
| Preferred Stock Dividends | 1.22 | 1.11 | - | - | - |
| Special Income Charges | - | -0.87 | 26.70 | 0.68 | 0.41 |
| Other Special Charges | - | - | - | -2.79 | - |
| Impairment Of Capital Assets | - | 1.05 | 4.22 | 0 | 0 |
| Gain On Sale Of Ppe | - | 0.18 | 30.92 | -2.12 | 0.41 |
| Otherunder Preferred Stock Dividend | 7.40 | 2.31 | 0 | 0 | - |
| Other Taxes | - | - | 0 | 0 | 0.93 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lincoln Educational Services Corporationthis co. | LINC | $1.6B | 80.26↑ premium | 8.04 | 10.0% | 36.58 |
| Weis Markets, Inc. | WMK | $1.9B | 19.99 | 1.39 | 6.9% | 8.08 |
| Strategic Education, Inc. | STRA | $1.8B | 14.46 | 1.11 | 7.7% | 7.33 |
| Turning Point Brands, Inc. | TPB | $1.7B | 29.19 | 4.79 | 16.4% | 15.39 |
| Ingles Markets, Incorporated |
| 2021 | - | - | - | - | - | - | - |
| IMKTA |
| $1.7B |
| 19.80 |
| 1.02 |
| 5.2% |
| 7.26 |
| Newell Brands Inc. | NWL | $1.6B | -5.73 | 0.68 | -11.9% | 20.08 |
| Coursera, Inc. | COUR | $1.6B | -31.27 | 2.51 | -8.0% | - |
| Fresh Del Monte Produce Inc. | FDP | $1.4B | 15.41 | 0.69 | 4.5% | 7.97 |
| J&J Snack Foods Corp. | JJSF | $1.4B | 21.22 | 1.44 | 6.8% | 8.99 |
| Peer Median | - | 17.60 | 1.25 | 6.0% | 8.08 | |